State Codes and Statutes
Statutes > Utah > Title-75 > Chapter-05a > 75-5a-11075-5a-110. Manner of creating custodial property and effecting transfer --Designation of initial custodian -- Control.
(1) Custodial property is created and a transfer is made when:
(a) an uncertificated security or a certificated security in registered form is either:
(i) registered in the name of the transferor, an adult other than the transferor, or a trustcompany, followed in substance by the words: "as custodian for ............... (name of minor)under the Uniform Transfers to Minors Act"; or
(ii) delivered if in certificated form, or any document necessary for the transfer of anuncertificated security is delivered, together with any necessary endorsement, to an adult otherthan the transferor or to a trust company as custodian, accompanied by an instrument insubstantially the form in Subsection (2);
(b) money is paid or delivered, or a security held in the name of a broker, financialinstitution, or its nominee is transferred to a broker, or financial institution for credit to anaccount in the name of the transferor, an adult other than the transferor, or a trust company,followed in substance by the words: "as custodian for ............... (name of minor) under theUniform Transfers to Minors Act";
(c) the ownership of a life or endowment insurance policy or annuity contract is either:
(i) registered with the issuer in the name of the transferor, an adult other than thetransferor, or a trust company, followed in substance by the words: "as custodian for ............... (name of minor) under the Uniform Transfers to Minors Act"; or
(ii) assigned in a writing delivered to an adult other than the transferor or to a trustcompany whose name in the assignment is followed in substance by the words: "as custodian for............... (name of minor) under the Uniform Transfers to Minors Act";
(d) an irrevocable exercise of a power of appointment or an irrevocable present right tofuture payment under a contract is the subject of a written notification delivered to the payor,issuer, or other obligor that the right is transferred to the transferor, an adult other than thetransferor, or a trust company, whose name in the notification is followed in substance by thewords: "as custodian for ............... (name of minor) under the Uniform Transfers to Minors Act";
(e) an interest in real property is recorded in the name of the transferor, an adult otherthan the transferor, or a trust company, followed in substance by the words: "as custodian for............... (name of minor) under the Uniform Transfers to Minors Act";
(f) a certificate of title issued by a department or agency of a state or of the United Stateswhich evidences title to tangible personal property is either:
(i) issued in the name of the transferor, an adult other than the transferor, or a trustcompany, followed in substance by the words: "as custodian for ............... (name of minor)under the Uniform Transfers to Minors Act"; or
(ii) delivered to an adult other than the transferor or to a trust company, endorsed to thatperson followed in substance by the words: "as custodian for ............... (name of minor) underthe Uniform Transfers to Minors Act"; or
(g) an interest in any property not described in Subsections (1)(a) through (f) istransferred to an adult other than the transferor or to a trust company by a written instrument insubstantially the form set forth in Subsection (2).
(2) An instrument in the following form satisfies the requirements of Subsections(1)(a)(ii) and (1)(g): "Transfer Under the Uniform Transfers to Minors Act
I, ............... (name of transferor or name and representative capacity if a fiduciary) hereby
transfer to ............... (name of custodian), as custodian for ............... (name of minor) under theUniform Transfers to Minors Act, the following: (insert a description of the custodial propertysufficient to identify it).
Dated: ............................................................
........................................................................
(Signature)
.................... (name of custodian) acknowledges receipt of the property described aboveas custodian for the minor named above under the Uniform Transfers to Minors Act.
Dated: ..........................
........................................................................
(Signature of Custodian)"
(3) A transferor shall place the custodian in control of the custodial property as soon aspracticable.
Enacted by Chapter 272, 1990 General Session
